Best Life Insurance Companies in Columbus

FAQs

• Can life insurance claims be denied if a policyholder has died of suicide in Columbus?

  Life insurance claims can be denied if a policyholder has died of suicide in Columbus. Most providers have a clause that allows them to deny suicidal death claims within the first two years of the policy's effective date. Insurance requests made after that period are accepted by carriers, allowing beneficiaries to collect death benefit payments.

• Can Columbus residents submit an appeal if their life insurance claims are rejected?

  Columbus residents can submit an appeal if their life insurance claims are rejected. Beneficiaries who want to start the appeals process should contact their providers and present collected evidence, from medical documents to insurance payment receipts. They can also call the Georgia Department of Insurance for help at (404) 656-2070.

• What factors should be considered when selecting a life insurance coverage amount in Columbus?

  Those purchasing life insurance coverage in Columbus should schedule a needs analysis consultation with their provider. During this session, an insurance agent will help an individual select a coverage amount based on different factors, such as future earning potential, amount of debt, and number of dependents. They also provide recommendations that can protect beneficiaries from inflation risks.

• Why should Columbus-based individuals purchase permanent life insurance?

  Columbus-based individuals should purchase permanent life insurance since it doesn't expire. This implies that a policyholder can be covered for most of their life. This insurance policy can also build interest over time because it has a cash value, allowing individuals to withdraw money when needed. Yet, it can also be costly compared to term life policies.

• What is the average cost of a life insurance policy in Columbus?

  Most life insurance policyholders in Columbus pay an average premium amount of $630 each year. However, individuals can have lower insurance costs by utilizing policy discounts. Those who bundle multiple policies, like auto and life insurance, can be given a low premium rate. Policyholders should also compare quotes from different providers and choose one that fits their financial situation.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.

• How does life insurance work?

  The details of how life insurance works depend on your individual plan, but the basics are as follows: 

  • You pay a premium to purchase the insurance. Typically the premium is paid monthly, but it could be rolled into quarterly, bi-annual, or annual payments. 
  • As long as you are meeting or have met premium obligations, if you pass away, the insurance company makes the agreed-upon payment to the beneficiaries you designated. 
  • Beneficiaries usually have to provide the insurance company with a death certificate to receive their payments.

• How much is life insurance?

  The cost of life insurance ranges widely. Term life insurance can cost as little as a few dollars a day, and whole life insurance can cost thousands per month on the high end. Factors that impact the cost of your life insurance include whether you're choosing term life insurance or whole life insurance, your age, how much coverage you want, your overall health, and your gender.

• Is life insurance taxable?

  Life insurance proceeds are the funds paid via your plan to your beneficiaries if you pass away. These are also called death benefits. Typically, these are not considered income for taxes. If you take out cash value from a whole life insurance investment and the amount exceeds how much you paid in premiums, the difference may be considered taxable income.

  
  

• Can I buy health insurance that is not Obamacare?

  When people say "Obamacare insurance," they typically mean insurance within the health insurance marketplace. You can get health insurance outside of the marketplace by going through your employer, choosing COBRA coverage if you leave your job, or buying a short-term health insurance policy through an insurance agent. ACA-compliant plans meet all the benefits and coverage requirements of the Affordable Care Act. But you may be able to find supplemental or short-term coverage that simply provides peace of mind for major medical expenses.

• Can I buy health insurance anytime?

  To buy health insurance in the marketplace, you must purchase it within open or special enrollment periods. But you can purchase short-term coverage to bridge the gap between now and the next open enrollment period. These plans are meant to be used for less than a year. You can purchase them online or via insurance agents, but they may not be ACA-compliant.

• Who should buy supplemental health insurance?

  Supplemental health insurance is a product that helps cover the cost of services that your primary health insurance policy doesn't. One popular option is secondary insurance that helps cover some of the costs associated with high deductibles. Medicare supplemental insurance is also popular. Medicare doesn't cover everything, and older adults on a limited income can face large prescription or medical bills after Medicare pays. Supplemental insurance helps reduce those patient costs.